Arizona Real Estate License Practice Exam 2025 - Free Real Estate Practice Questions and Study Guide

Ned most likely owns a timeshare because this type of ownership allows multiple individuals to share the purchase of a property and use it for specific periods throughout the year. In this arrangement, each owner has the right to use the property for a designated time frame, which aligns with the information that Ned can only stay at the property during certain weeks. Timeshares are common in vacation destinations, like Sedona, where shared ownership can make luxury vacation accommodations more accessible.

In contrast, cooperative ownership involves owning shares in a corporation that owns the property, rather than direct ownership of real estate. A condominium represents a separate form of ownership where an individual owns a unit and a share in common areas not typically associated with time restrictions. A leasehold estate typically refers to renting or leasing property rather than owning, which does not fit Ned's situation as described. Thus, the characteristics of a timeshare best match Ned's limited access to the property during specific times.